Question: You are going to borrow $40,000 for a new car. Calculate the monthly payments and total interest paid for the following situations: 48-month loan, 6.85

You are going to borrow $40,000 for a new car. Calculate the monthly payments and total interest paid for the following situations:

48-month loan, 6.85 percent annual rate

60-month loan, 6.59 percent annual rate

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